As of the close, Hong Kong's three major stock indices showed mixed performance, with the Hang Seng Index down 0.10%, the Tech Index up 0.30%, and the Mainland China Index down 0.18%.
At the close, 736 Hong Kong stocks rose, 1193 fell, and 1089 remained unchanged.
The specific industry performance is shown in the following figure:
In terms of sectors, the network technology stocks showed mixed performance, with Bilibili and NetEase up more than 2%, JD.com up nearly 2%, Tencent and Alibaba up nearly 1%; Kuaishou down more than 1%, Xiaomi, Baidu, Meituan slightly down.
Apple concept stocks performed well, with Sunny Optical Technology up nearly 5%, AAC Technologies up nearly 1%, and BYD Electronic slightly up.
Mainland real estate stocks fell across the board, with Sunac down nearly 4%, Yuexiu Property down more than 2%, China Resources Land and China Vanke down nearly 2%, and China Overseas Land & Investment down more than 1%.
Petroleum stocks fell one after another, with China Oilfield Services down nearly 4%, PetroChina down more than 2%, CNOOC down nearly 2%, and Sinopec down more than 1%.
Nonferrous metals stocks fell, with Aluminum Corporation of China down more than 7%, CMOC Group and China Hongqiao down more than 4%, Jiangxi Copper down more than 3%, and Zijin Mining Group down nearly 2%.
Semiconductor stocks strengthened, with Hua Hong Semiconductor up more than 3%, Shanghai Fudan and Semiconductor Manufacturing International Corporation up more than 2%.
Other sectors, such as mobile game stocks, pork industry concept stocks, and most auto stocks continued to rise; heavy equipment and water affairs related stocks saw a significant increase in afternoon declines.
In terms of individual stocks,$NTES-S (09999.HK)$Blizzard's China servers opened for login and increased more than 2%.
$ALPHAMAB-B (09966.HK)$The clinical study of the late-stage solid tumor treatment drug showed good tolerance and increased more than 15%.
$SUNNY OPTICAL (02382.HK)$Sunny Optical Technology continued to be active as an Apple concept stock, up nearly 5%. Apple's WWDC conference is about to be held.
$CHINA OILFIELD (02883.HK)$CMOC Group fell nearly 4% due to the suspension of operations of four drilling platforms. Morgan Stanley lowered its profit forecast for the next two years.
$GIANT BIOGENE (02367.HK)$Juzi's brand Koweim 618 performed strongly, up more than 3%.
Today's top 10 Hong Kong stock turnover
Hong Kong Stock Connect Fund
As of today, Hong Kong stocks (southbound) saw a net inflow of HKD 7.738 billion.
Institutional perspective
CICC: Maintains Great Wall Motor's 'Outperform' rating and raises target price to HKD 16
CICC released a research report, maintaining a "outperform" rating on NIO (09866.HK), with a target price of HKD62. As of May, the company has delivered 20,544 vehicles, and its battery swapping system received a strategic investment of CNY1.5 billion from Wuhan Guangchuang Fund. The investment will be used to increase research and development of relevant technologies, as well as the layout and development of charging and swapping infrastructure. $GWMOTOR (02333.HK)$'Outperform' rating and a target price of HKD 16. The report stated that Great Wall Motor's overseas sales in May remained stable, and the overseas market is an important strategic development and profit contribution for the group.
Bank of America Securities: Gives Geely Auto a 'Buy' rating with a target price of HKD 12.6.
Bank of America Securities released a research report that resumes coverage of Geely Auto (00175.HK) with a buy rating and a target price of HKD 12.6. The bank believes that Geely has a solid electric vehicle product line and the company's target is to increase its car sales by 13% YoY to 1.9 million vehicles by 2024. Bank of America expects that the sales of internal combustion engine models and overseas markets can drive earnings per share growth, and predicts that Geely Auto's sales for the year will reach 2.1 million vehicles, an increase of 11% higher than the guidance, mainly driven by the nine new models launched this year and the export sales. $GEELY AUTO (00175.HK)$Citi released a research report stating that it raised the rating of OOIL (00316.HK) to "hold" with a target price of HKD 132.2, and raised its dividend forecast. It also maintains a "hold" rating with a target price of HKD 13.41. The bank believes that for container shipping stocks, the current stock price has largely reflected the increase in freight rates and the stronger profit prospects in 2024. Although the bank does not recommend investors to chase after the market, it believes that as the industry continues to develop in the peak season, market sentiment may remain strong for the next few months.
Citi rates OOIL and COSCO Shipping Holdings as hold with a significant increase in earnings forecast this year.
Citigroup released a research report that raises$OOIL (00316.HK)$to a "hold" rating with a target price of HKD 132.2 and an increase in dividend forecast; and maintains a "hold" rating with a target price of HKD 13.41. The bank believes that as for the container shipping industry, the current stock price has roughly reflected the increase in freight rates and the stronger profit prospects in 2024. While the bank does not recommend investors to chase after the rise in the market, it believes that the market sentiment may remain strong in the next few months as the industry further develops during the peak season.$COSCO SHIP HOLD (01919.HK)$As for container shipping stocks, Citigroup believes that the current stock price has already reflected the increase in freight rates and the stronger profit prospects in 2024. The bank does not recommend investors to chase after the rise in the market, but believes that the market sentiment may remain strong in the next few months as the industry further develops during the peak season.
Editor/Cynthia